Saudi Paper Manufacturing Company BOD Recommends Amending Company Bylaws According to Rules and Regulations

The Saudi Paper Manufacturing Company announced Wednesday that, based on the issuance of the new Companies Law and its executive regulations, nd the issuance of the amended corporate governance regulations by the Board of the Capital Market Authority, the Board of Directors (BOD) decided, on February 13, 2024, to recommend to the extraordinary general assembly to amend the company’s bylaws and harmonize them in accordance with the aforementioned rules and regulations. The most prominent of these amendments are the following:

1- Canceling the limit of the company’s term specified in the company’s bylaws at (99) years.

2- Cancelling the statutory reserve item in the bylaws, and submit to the General Assembly the transfer of the entire balance of the statutory reserve to the retained earnings account.

These recommendations are subject to the approval of the competent authorities and the extraordinary general assembly of shareholders